Egypt plans to issue more green bonds

Egypt is planning to increase the number and frequency of its green bond issuances following the success of a $750m green issuance in 2020

 Egypt is planning to increase the number and frequency of its green bond issuances following the success of a $750m green issuance in 2020, Egypt’s Deputy Finance Minister Ahmed Kouchouk told a GlobalCapital conference on sustainable finance.

Egypt became the first country to issue green government bonds in September 2020 when it issued $750m in five-year green bonds. Investors were offered a yield of 5.25 per cent, Reuters reported.

“In principle, one of our top priorities is to continue going in that direction in issuing more Green bonds,” Kouchouk told the GlobalCapital conference.

“Not only as a sovereign, by the way. One of the key objectives for us in going in this market was to create a benchmark for the private sector.”

Proceeds from the 2020 sale have been directed towards financing or refinancing green projects in sectors such as renewable energy, energy efficiency and clean transportation.

“We’re very pleased and very happy to see now banks coming, financial institutions and private companies and corporates trying to tap this market from Egypt,” added Kouchouk.